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Owner selling but staying on

The Carters outlet in Kerikeri will give its new owner $310,000 a year in rent.

Kerikeri's newest building supply yard, the Carters outlet on the corner of State Highway 10 and Kahikatearoa Lane, is up for sale with a new 10-year lease in place.

The Bay of Islands property, which is producing net annual rental income of $310,000 with two yearly rent reviews, has modern, low maintenance showroom/warehouse premises on the outskirts of Kerikeri, built in 2006 for ITM.

Carters moved into the new premises after it bought ITM.

The sale is being handled by Stuart Bode of Bayleys Auckland and Chester Rendell of Bayleys Kerikeri.

The property will be auctioned in Bayleys Auckland auction rooms on August 1, unless sold before then.

Bode says Carter Holt Harvey, one of New Zealand's largest companies, has reinforced its confidence in the future of its Kerikeri building supplies business by exercising a right of renewal for a further 10-year period, expiring in October 2022.

The company also has two three-year rights of renewal over the property which could extend the lease expiry date as far as 2028.

Bode says the property encompasses a 7303sq m freehold corner site in two titles and has prominent exposure to substantial volumes of traffic along State Highway 10.

It is in Waipapa, a recently developed bulk retail precinct with other national tenants, including The Warehouse, Noel Leeming, Dick Smith Electronics, Farm Lands and RD1.

The property has access from Kahikatearoa Lane and Klinac Lane at the rear.